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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Rarebird who wrote (54832)	6/21/2000 2:44:00 PM
From: Alex	Read Replies (1) \| Respond to of 116764

South Africa to sell China's central bank 15 tons of gold annually (20 June 2000) South Africa?s Investec investment bank recently announced it has reached an agreement with China?s central bank, the People?s Bank of China (PBOC), to supply the PBOC with at least 15 tons of gold a year for an indefinite period. Under the accord, Investec will sell the PBOC one ton of pure gold every three weeks, making the agreement worth about 1.24 billion renminbi (US$150 million), 158.China.com reported on June 15. A high-level Investec official also said that if both parties are satisfied with the agreement, his company might end up selling even more gold to China, the Web site noted. The gold will be supplied by the world?s largest refinery, Rand Refinery, which is owned by several South African gold companies. The Rand Refinery?s sales manager said that South Africa?s gold production last year totaled 450 tons, and that the gold covered by the contract will be the first that South Africa has shipped directly to China. South Africa?s exports to China currently total about Rmb 1.65 billion (US$200 million) annually.